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Earnings Per Share
 6 Months Ended
Jun. 30, 2025
Earnings Per Share [Abstract]  
Earnings Per Share
11. Earnings Per Share

Basic earnings per share of common stock is computed by dividing net income by the weighted average number of common stock outstanding during the period. Diluted earnings per share of common stock is computed by dividing net income by the sum of the weighted average number of shares of common stock and any dilutive securities outstanding during the period. The Company’s potentially dilutive securities are share-based awards. The Company applies the treasury stock method to determine the dilutive weighted average number of shares of common stock outstanding based on the outstanding share-based awards. As of June 30, 2025 and December 31, 2024, the Company had 10 million preferred shares authorized at par value of $0.00001 per share, with zero shares issued and outstanding and aggregate liquidation preference of zero dollars.

The following table sets forth the computation of basic and diluted net income per common share (amounts in millions, except per share amounts):
Three Months Ended June 30,Six Months Ended June 30,
Computation of Earnings Per Share2025202420252024
Net income$198 $204 $286 $385 
Weighted average shares of common stock outstanding (in thousands):
Basic63,987 64,617 63,851 64,621 
Dilutive effect of stock awards1,107 1,151 1,211 1,401 
Diluted65,094 65,768 65,062 66,022 
Earnings per common share
Basic$3.09 $3.16 $4.48 $5.96 
Diluted$3.04 $3.10 $4.40 $5.83